Venture(US:VEMLY) Xin Lang Ji Jin·2025-09-01 08:16Market Performance - The A-share market continued to rise, with the ChiNext Index increasing by 2.29% on September 1 [1] - The manufacturing PMI for August rebounded to 49.4%, indicating a marginal improvement in economic conditions, with production remaining in the expansion zone for four consecutive months [1] - The high-tech manufacturing PMI reached 51.9%, reflecting the leading role of industrial upgrades [1] Economic Indicators - The production index rose to 50.8%, up 0.3 percentage points from the previous month, while the new orders index remained in contraction at 49.5% [1] - The raw material purchasing price index increased to 53.3%, and the factory price index rose to 49.1%, indicating a recovery in upstream prices [1] - There is a divergence in PMI among different scales of enterprises, suggesting that a comprehensive economic recovery will take time [1] External Factors - Expectations for interest rate cuts overseas are rising, and the RMB is accelerating in appreciation, creating a favorable macro environment for the equity market [2] - The technology sector is experiencing an accelerated cycle of market and capital, with increased demands for upward logic [2] - Caution is advised regarding potential risks in crowded sectors, with opportunities in relatively underperforming downstream application areas, real estate, consumption, and dividend assets [2]